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Problem 6-5A (Part Level Submission) You are provided with the following information for Najera Inc. for...

Problem 6-5A (Part Level Submission)

You are provided with the following information for Najera Inc. for the month ended June 30, 2017. Najera uses the periodic method for inventory.

Date

Description

Quantity

Unit Cost or
Selling Price
June 1 Beginning inventory 40 $40
June 4 Purchase 135 44
June 10 Sale 110 70
June 11 Sale return 15 70
June 18 Purchase 55 46
June 18 Purchase return 10 46
June 25 Sale 65 75
June 28 Purchase 30

50

Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to 1 decimal place, e.g. 51.2%.)

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ekkarill92 answered 1 year ago
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